Gary is Professor of Finance in the Department of Applied Finance at Macquarie University. He was a former Professor and Directors of HDR and Research in the Department of Finance and founding Director of the Centre of Business Research in China at Deakin Business School. He was also former Professor of Finance and Director of Chinese Commerce Research Centre at Wollongong University.
Professor Tian has supervised more than 20 PhD students. His research interests focus on corporate finance including political connections, CEO compensation, bank lending and informal finance, investment efficiency and mergers and acquisitions and audit opinions and auditor choice. His published work on Chinese capital markets has appeared in 50 international journals including Management Science, Journal of Corporate Finance (six papers), Journal of Banking and Finance (four papers), Auditing a Journal of Practice and Theory and European Accounting Review (2 papers).
He is currently deputy editor for Accounting and Finance journal. He has been board member of Asian finance Association since 2012 and was the Secretary between 2014 and 2016.
Master of Applied Finance,MacquarieUniversity, 1999
PhD in Economics,MacquarieUniversity, 1994
Master in Economics,ShanghaiUniversityof Finance andEconomics,China, 1987
Bachelor of Science,ShanghaiUniversityof Science andTechnology,China, 1982
Professor in Finance (April 2016 –),
Department of Applied Finance,
School of Business and Economics
Editor, Accounting and Finance
Professor in Finance (August 2015 – March 2016)
Founding director of the Centre of Business Research in China (October 2015 – March 2016),
Director of HDR (August 2015 – January 2016),
Director of Research(August 2015 – February 2016),
Faculty of Business and Law
Professor in Finance (February 2012 –August 2015),
Director, Chinese Commerce Research Centre (December 2008 – August 2015), School of Accounting Economics and Finance,University of Wollongong
Associate Professor (February 2007 – January 2012), Head of Postgraduate Studies (April 2007 – August 2012),
School of Accounting and Finance,University of Wollongong.
Senior Lecturer (January 2001 – February 2007)
Lecturer (January 1999 – December 2000),School of Economics and Finance, University of Western Sydney.
Lecturer (July 1996 – December 1998), School of Economics,Flinders University, SA.
Associate Lecturer (July 1994 – June 1996), School of Economics,La Trobe University, Melbourne.
Lecturer (January 1988 – June 1989), Department of World Economy,Shanghai University of Finance and Economics, China
Export sales (February 1982 – December 1987), China Chemical Import & Export Corp (now SINOCHEM), Shanghai Branch.
Bench worker (August 1976 – February 1977), Shanghai Dyeing Machinery Repair Factory
Political connections, promotion and corruption
State ownership and family control
Audit opinions and auditor choice
Bank loans and Trade credit
Investment efficiency and Mergers and Acquisitions
Qigui Liu, Xiaofei Pan, Gary Tian*, “To what extent did the economic stimulus package influence bank lending and corporate investment decisions? Evidence from China”, Journal of Banking and Finance, (2018) 86, 177-193.
Michael Lemmon, Jerry Cao, Xiaofei Pan, Meijun Qian and Gary Tian “Political Promotion, CEO Incentives, and the Relationship between Pay and Performance”, Management Science, Forthcoming.
Xiaofei Pan and Gary Tian*, Political connections and corporate investments: Evidence from the recent anti-corruption campaign in China, Journal of Banking and Finance (in press)
Qigui Liu, Tianpei Luo, Gary Tian, “How do political connections cause SOEs and non-SOEs to make different M&A decisions/performance? Evidence from China”, Accounting and Finance (in press)
Li Liu, Qigui Liu*, Peipei Wang, Gary Gang Tian, “Government connections and the persistence of profitability: Evidence from Chinese listed firms”, Emerging Markets Review, (accepted).
Yu, Bo and Gary Gang Tian, “Capacity Governance and Rebalance of Debt Structure, from the Perspective of Relationship between Trade Credit and Bank Credit”, Journal of Finance and Economics (in Chinese) (2018) 44 (2), 29-4
Xiaping Cao, Xiaofei Pan, Meijun Qian*, Gary Gang Tian, “Political capital and CEO entrenchment: Evidence from CEO turnover in Chinese non-SOEs”, Journal of Corporate Finance (2017) 42, 1-14 (lead paper).
He Ku, Xiaofei Pan, Gary Gang Tian*, “Political Connections, Audit Opinions and Auditor Choice: Evidence from the ousters of government officers," Auditing: A Journal of Practice & Theory (2017) 36 (3), 91-114.
Liangbo Ma, Shiguang Ma*, Gary Tian, “Corporate Opacity and Cost of Debt for Family Firms”, European Accounting Review, (2017) 26 (1), 27-59.
He Ku, Xiaofei Pan, Gary Tian*, “Legal liability, government intervention, and auditor behaviour: Evidence from structural reform of audit firms in China”, European Accounting Review, (2017) 26 (1), 61-95.
Qigui Liu, Jinbo Luo, Gary Tian*, “Managerial professional connections versus political connections: Evidence from firms’ access to informal financing resources”, Journal of Corporate Finance (2016) 41, 179-200.
Xiaofei Pan, Gary Tian*, “Family control and loan collateral: Evidence from China”, Journal of Banking and Finance (2016) 67, 53-68
Qigui Liu, Tianpei Luo, Gary Gang Tian*, “Political connections with corrupt government bureaucrats and corporate M&A decisions: A natural experiment from the anti-corruption cases in China”, Pacific Basin Finance Journal, (2016) 37, 52-80
Can An, Xiaofei Pan, Gary Tian*, “How does corporate governance affect loan collateral? Evidence from Chinese SOEs and non-SOEs”, International Review of Finance, (2016) 16 (3), 325-356.
Liangbo Ma, Shiguang Ma*, Gary Tian, “Family control, accounting misstatements, and market reactions to restatements: Evidence from China”, Emerging Markets Review, (2016), 28, 1-27.
Shiguang Ma, Gary Gang Tian, Brian Andrew, “Sustainable development of the Chinese economy and capital market”, Journal of the Asia Pacific Economy (2016) 21(3), 321-324
Qigui Liu, Tianpei Luo, Gary Gang Tian*, “Family control and corporate cash holdings: Evidence from China”, Journal of Corporate Finance (2015) 31, 220-245
Xiaofei Pan, Gary Tian*, “Does banks' dual holding affect bank lending and firms' investment decisions? Evidence from China”, Journal of Banking and Finance (2015) 55, 406-424
Dionigi Gerace, Qigui Liu, Gary Gang Tian*, Willa Zheng, “Call auction transparency and market liquidity: Evidence from China”, International Review of Finance (2015) 15 (2), 223- 255
Xiaomin Wang, Jerry Cao, Qigui Liu, Qinghua Tang, Gary Tian *, “Disproportionate Ownership Structure and IPO Long-run Performance of non-SOEs in China”, China Economic Review, (2015) 32, 27-42.
Xiaojun Chu, Qigui Liu, Gary Tian*, “Does control-ownership divergence impair market liquidity in an emerging market? Evidence from China", Accounting and Finance (2015) 55, 881-910
Jerry Cao, Qigui Liu, Gary Tian*, “Do Venture Capitalists play a monitoring role in an emerging market: Evidence from the pay-performance relationship of Chinese entrepreneurial firms?”, Pacific Basin Finance Journal. (2014) 29C, 121-145.
Can An, Xiaofei Pan, Gary Tian*, “Ownership structure and collateral requirements Evidence from China’s listed firms”, International Review of Financial Analysis (2014)
Qigui Liu, Jinghua Tang, Gary Tian*, “Does political capital create value in the IPO market? evidence from China”, Journal of Corporate Finance (2013) 23, 395-413.
Fang Hu, Xiaofei Pan, Gary Tian*, “Does CEO pay dispersion matter in an emerging market? Evidence from China’s listed firms”, Pacific Basin Finance Journal (2013) 24, 235-255.
Liangbo Ma, Shiguang Ma*, Gary Tian, “Political connections, founder-managers, and their impacts on tunneling in China's listed firms”, Pacific-Basin Finance Journal (2013) 24, 312-339.
Chandrasekhar Krishnamurti, Gary Tian*, Min Xu, Guangchuan Li, “No news good news evidence of intraday returns and volatility relationship from the Shanghai Stock Exchange”, Journal of the Asia Pacific Economy (2013) 18 (1), 149-167.
Qigui Liu, Gary Tian*, “Controlling shareholders expropriation and firms’ leverage decision evidence from Chinese non-tradable share reform”, Journal of Corporate Finance (2012) 18 (4), pp. 782-803.
Chancharat, N., Krishnamurti C.*, Tian, G., “Board Structure and Survival of New Economy IPO Firms”, Corporate Governance: An International Review (2012) 20 (2), 144-163.
Al Mutairi M.*, Hasan H., Tan A., Tian, G., “Corporate Governance and Corporate Finance Practices in a Kuwait Stock Exchange Market Listed Firm: A Survey to Confront Theory with Practice”, Corporate Governance, International Journal of Corporate Finance in Business Society, (2012) 12(5), 595-615.
Jerry Cao, Xiaofei Pan, Gary Tian*, “Disproportional ownership structure and pay-performance relationship: evidence from China’s listed firms”, Journal of Corporate Finance, (2011) 17 (3), 541–554.
Qigui Liu, Xiaoming Wang, Gary Tian*, “The Effect of Ownership Structure on Leverage Decision: New Evidence from Chinese Listed Firms”, Journal of the Asia Pacific Economy, (2011) 16 (2), 254–276.
Ma, S., Ruan, R., Tian, G.*, “Managerial ownership, capital structure and firm value: Evidence from China’s civilian-run firms”, Australasian Accounting Business and Finance journal, (2011), 5 (3), 73-92.
Ma, S., Naughton, T.*, Tian, G., “Ownership and Ownership Concentration: Which is Important in Determining the Performance of China's Listed Firms?”, Accounting and Finance, (2010) 50 (4), 871-897.
Ma, S., Tian, G.*, “The Relationship between Stock Returns and the Foreign Exchange Rate: the ARDL Approach”, Journal of the Asia Pacific Economy, (2010) 15 (4), 490-508.
Chancharat, N., Tian, G.*, Pam, D., McGrae, M., Lodh, S., “Multiple States of Financially Distressed Australian Companies: A Competing Risks Model” Australasian Accounting Business and Finance journal, (2010), 4 (4), 27-44.
Flint, A., Tan, A., Tian, G.*, “Predicting Future Earnings Growth: A Test of the Dividend Payout Ratio in the Australian Market”, The International Journal of Business and Finance Research. (2010) 4 (2), 43-58.
Ma, S.*, Tian, G., “Board Composition, Board Activity and Ownership Concentration, the Impact on Firm Performance”, Problems and Perspectives in Management, (2009) 7 (3), 31-50.
Gary Tian, “Equity market price interactions between China and the other markets within the Chinese states equity markets” Multinational Finance Journal, (2008) 12 (1-2), 105-126.
Tian, G.*, Guo, M. Y., “Interday and Intraday Volatility: additional evidence from the Shanghai Stock Exchange”, Review of Quantitative Finance and Accounting, (2007) 28 (3), 287-306.
Zeitun, R., Tian, G.*, “Capital Structure and Corporate Performance: Evidence from Jordan”, Australasian Accounting Business & Finance Journal, (2007) 1 (4), 40-61.
Tian, G., “Are Chinese stock markets becoming increasingly integrated with other markets in the greater China region and other major markets?” Australian Economics Papers, (2007) 46 (3), 240-53.
Zeitun, R., Tian, G.*, “Does ownership affect a firm's performance and default risk in Jordan?”, Corporate Governance, International Journal of Corporate Finance in Business Society, (2007). 7 (1), 66-82.
Zeitun, R, Tian, G.*, Keen, S., “Default probability for the Jordanian companies: a test of cash flow theory,”International Research Journal of Finance and Economics, (2007). 8, 147-162.
Tian, G.*, Wan, G. H., “Interactions among China-Related Stocks: Evidence from a Causality Test with a New Procedure”,Applied Financial Economics, (2004). 14 (1), 67-72.
Tian, G.*, Wan, G. H., Guo, M. Y., “Market Efficiency and Returns to Simple Technical Trading Rules: New Evidence from U.S. Equity Market and Chinese Equity Markets”, Asia-Pacific Financial Markets, (2002). 9 (3-4), 241-258.
Tian, G.*, Shan, J., “Do Migrants Rob Jobs? New Evidence fromAustralia”, Australian Economic History Review, (1999). 39 (2), 133-142.
Tian, G.*, Shan, J., “Causality between Exports and Economic Growth: the Empirical Evidence from Shanghai”, Australian Economic Papers, (1998). 37 (2), 195-202.
Tian, G., “China’s Post-1979 Uneven Regional Policy:ShanghaiandGuangdong”, The Journal of Contemporary China, (1997). 6 (14), 61-78.
Tian, G., “The Emergence ofShanghai's Role as Entrepôt Centre since the Mid-1980s”, The Journal of ContemporaryChina, (1994), 3 (7), 3-27.
Tian, G., Shanghai's Role in the Economic Development of China: Reform of Foreign Trade and Investment,London: Praeger, (1996), (248 pages).
1. 2018-2020 with Luo, Dr Jinbo, and others: the executives’ working experience in industrial associations and corporate mergers and acquisitions decision making: the impact, mechanism and economic consequences,2017 Regional National Natural Science Foundation of China Project,71762014, RMB 180,000
2. 2017-2020 with Liu, Dr Ye, Qiu, Prof Jiaping and others, Entrepreneur finance and innovation: causal relationship and mechanism, 2016 National Natural Science Foundation of China Project, 71673133, RMB 480,000, for four years between 2017 and 2020.
3. 2015-2017 with Smith, Prof Tom; Shi, Prof Jing; O'Neill, Prof Terence J; Walsh, A/Prof Kathleen D; Benson, A/Prof Karen L; Wang,Asst Prof Yongxiang; Haq, Dr Mamiza, The importance of Being Politically Connected,2015 ARC Discover Project， DP150102339, $210,100.
2018. Runner-Up Award – 2018 Financial Markets and Corporate Governance (FMCG) Conference, in the category: Corporate Governance/Social Responsibility, for paper with Yanlin Li, Xin Wang “The effects of the appointment of new independent directors professionally affiliated with their predecessors: evidence from China”
2017, Excellent Research Paper Award, The 7th Forum (2017) on Audit Theory Innovation Development (FATID), for paper with Ku He and Xiaofei Pan “How does rent-seeking between government and auditors influence audit quality? Evidence from individual auditors’ political connections in China”.
2015, Emerald Citations of Excellence 2015 awards this year out of a total of around 130 across all business management, finance, accounting, economics and marketing disciplines. These citations are given to the authors of the most highly cited and influential papers out of over 20,000 from the top 300 journals on the ABDC list published in 2012, not simply Emerald journals.
The wining paper entitled “Controlling shareholder, expropriations and firm's leverage decision: Evidence from Chinese Non-tradable share reform”, published in Journal of Corporate Finance in 2012 with Qigui Liu.
2015, Pacific-Basin Finance Journal Research Excellence Award at the Asian Finance Association annual conference in Changsha in 2015, for paper with Qigui Liu and Tianpei Luo “Political Connections and M&A Decisions: A Natural Experiment from the Anti-Corruption Cases in China”.
2013, Runner up Award for paper entitled “Board Structure and Survival of New Economy IPO Firms”, co-authored with Nongit Chancharat and Chandra Krishnamurti, Corporate Governance: An International Review (2012) 20 (2), 144-163.
2010，Best Paper Award in Corporate Finance at the 2010 FMA Asian Conference in Singapore, for paper entitled “Political Promotion, CEO Compensation, and Their Effect on Firm Performance”, co-authored with Mike Lemmon, Jerry Cao, and Xiaofei Pan,
2009, Service to Research Awards, Commerce Staff Awards 2008, Faculty of Commerce, UOW.
2008, Research Excellence Award, Commerce Staff Awards 2008, Faculty of Commerce, UOW.
1989-93,MacquarieUniversityPostgraduate Research Award (MUPRA),Australia.
1990-93, Australian National Research Training Priority Area Stipend.
This additional award was on the basis of the progress and the quality of the research of MUPRA holders. I became the first postgraduate research student atMacquarieto achieve that distinction.
1985, National Young Economist Award, China, an award for the best article “Expanding China’s export amid growing protectionism during 1980s”.
postgraduate courses (including MBA and Master of Applied Finance)
Advanced Finance Theories (PhD subject);
Advanced Portfolio Management; Corporate Finance, Investment Management; Portfolio Management; Advanced Financial
Topic Risk Management;
Advanced Corporate Finance;
International Financial Management and Portfolio Analysis;
Introductory Business Finance;
Managerial Economics, International Finance and Business Forecasting;
Asian in the World Economy and Chinese Economy.
Founding director of the Centre of Business Research in China (2015)
University of Wollongong
Director, Chinese Commerce Research Centre (2008-2015)
PhD Adviser, School of Accounting and Finance (2007-2015)
Head of Postgraduate Studies,SchoolofAccountingand Finance (April 2007 – July 2012)
Acting Head of School of Accounting and Finance (July 2012)
Panel member, Recruitment panel session, FIRN Women event at UTS, on 21st March 2017
FORC 1502 champion (2016, 2017)
Projects Panel for Macquarie University Research Development Grants (2016+)
Macquarie University Research Seeding Grant in 2017.
Faculty of Business and Economics
Promotion committee (2017)
Visa Assessment Committee (2017, S2)
FBE Financial Decision Lab Working Party (2016)
FBE Expert Grant Review Panel (2016+)
FBE assessment subcommittee (2017)
Delegate to HoD of the department (2017): student grade appeals, deliver the Applied Finance presentation at Open Day
Acting research coordinator (2017)
Selection committee of recruitment (2017)
Co-chair, Associate lecturer (level A convertible) appointment committee (2016-2017)
AFAS Department Research Committee (2017)
Chair, Corporate finance and governance group (2016+)
Mentor, for five academic staff for career development assessment (2017)
Directors of HDR and Research (2015-2016)
University of Wollongong
Chair, Subcommittee for introducing two HDR training subjects (2012)
Faculty Probation Committee, Faculty of Commerce (2012)
Faculty Research Committee (2007+)
School Executive Committee (2007+)
Selection Committee (2007+)
University of Western Sydney
CLAB Research Committee (2000-06)
PG Review Committee (2002-04)
offshore Review Committee (2002 – 04),
UMI Int’l Working Committee (2002-04)
Course Adviser, Master of Applied Finance (MAF), Master of Finance (MOF), Master of International Trade and Finance (MITF) (2007)
Academic Adviser, Master of Applied Finance program, (1999-2003)
UWS AUQA audit process Committee, (2006)
Australasian Finance Research Group (2000-06)
Acting Coordinator, the Australasian Finance Research Group (2004)
Research Committee (2000-06);
Honours Program Committee (2000-2006);
Teaching Committee (2000-2006)
Coordinator, Off Shore program, (2000 – 2002)
Coordinator,ChinaLink Program, (1999 – 2003)
Coordinator, Promoting education inChina, (1997-98),
Faculty Research Committee (1997-98)
La Trobe UniversityConference Convenor, "China's Economy Towards 2000", which was held in February 1995.
Editor, Accounting and Finance (2017)
Editorial board, Journal of theAsiaPacific Economy (2009+)
Co-guest editor, for Special Issue of Journal of Asia Pacific Economy, Sustainable development of the Chinese Economy
and Capital Markets, 21(3) 2016
Expert assessor, the Australian Research Council (ARC), 2017/2018
Journals for which I have served as a referee since 2001 are:
AABFJ (1 in 2010, 2011 and 2015)
Abacus (2 in 2017)
Accounting and Finance (2010 and 2 in 2016, 2018)
Accounting Horizons (2017)
Applied Economics (1 in 2005, 2009 and 2015);
Applied Financial Economics (1 in 2008)
Australian Economic History Review (1 in 2002);
Australian Economic Papers (1 in 2003, 1 in 2006)
Australian Journal of Management (1 in 2011, 2 in 2012 and 1 in 2017, 2018)
China Economic Quarterly (1 in 2001, 2015, 2016)
Chinese Economic Review (1 in 2007 and 2 in 2015, 1 in 2016)
Corporate Governance International Review (1 in 2010, 2011, 2 in 2013, 1 in 2016, 2017)
Corporate Governance: The International Journal of Business in Society (1 in 2005, 2007 and 2009 each);
Emerging Market Review (1 in 2007 and 2009 each)
European Accounting Review (2017)
European Journal of Finance (1 in 2016)
International Review of Finance (2 in 2016)
Journal of Banking and Finance (1 in 2011, 2014, 2015 and 2 in 2016)
Journal of Business and Finance (2012)
Journal of Business Research (2012 and 2018)
Journal of Economics and Business (2018)
Journal of Corporate Finance (2 in 2013, 1 in 2014, 2 in 2017 and 1 in 2018)
Journal of Financial Quantitative Analysis (2017)
Journal of International Business Review (2015)
Journal of Population Economics (1 in 2005);
Journal of the Asia Pacific Economy (1 in 2002, 2003, 2005, 2006, 2010, 2011 each and 2 in 2008 and 2009)
Multinational Finance Journal (1 in 2004, 2010 and 2011)
Pacific-Basin Journal of Finance (1in 2004, 2009, 2014, 2016, 2017, 2018)
Physica A (2 in 2007)
Quarterly Review of Economics and Finance (2008)
Review of European Journal of Finance (1 in 2007)
Singapore Economic Review (2013)
Technological Forecasting & Social Change (2017)
Technological Forecasting (2018)
The Review of Pacific Basin Financial Markets and Policies (2006);
Thunderbird International Business Review (2015)
Chair and Memberships
Secretary, Asian Finance Association (2014 - 2016), Board member (2012-2018), board election committee (2018)
Guest researcher of Centre for China’s Government Auditing Research, Southwestern University of Finance and Economics (2017+).
Co-chair, 27th Chinese Economics Society Australia (CESA) Annual Conference, 12-14 July 2015, University Wollongong.
Scientific Committee of the Vietnam Symposium in Banking and Finance (VSBF2016 and 2017), Vietnam National University (Hanoi).
Scientific committee, International conference devoted to Corporate Governance, Audit and Accounting, host by University of Luneburg (Germany), December 2015.
Review Board, International Conference on Emerging Economies (ICEE), Nov 23-26, 2014, Sanur-Bali, Indonesia.
Scientific Advisory Board, International Conference on Innovation, Documentation and Teaching Technologies (INNODOCT): “New Changes in Technology and Innovation” Universitat Politecnica De Valencia, Valencia, Spain, May 6-7 2013; Valencia, Spain, May 8-9 2014.
The American Financial Association (1999+);
Financial Management Association International (2002+);
The Economic Society of Australia, NSW branch (1992-2003)
Multinational FinanceSociety,US; (2002-2004)
European financial management Association; (2002-2004)
Program Committee member, Southern Finance Association (2006)
Academic committee member, Chinese Economic Association (Australia); (1990+)
Asian-Pacific Research Institute,MacquarieUniversity(1997-2000)
President, 1995, the Association for Chinese Economic Studies (Australia)
Listing in Marquis Who's Who 2010
Fellow member, Finsia - Financial Services Institute of Australasia (2009 +)
Member of the Australian Universities China Research Committee (2011+)
2018 PhD (Trobe)
2017 PhD (UNSW); PhD (RMIT); PhD (Sydney)
2016 PhD (RMIT, adjudicator); PhD (Monash); PhD (UNSW)
2015 PhD (University of Queensland); DBA (UWS); PhD (UWS); PhD (Massey)
2014 Honours thesis (UOW);
2013 PhD (Deakin Uni.); PhD (Latrobe Uni.); PhD (Macquarie Uni.); Master (UNSW)
2012 PhD (UNSW); PhD (Griffith Uni.); PhD (Curtin Uni.); PhD (UWA)
2011 PhD (UNSW)
2009 Honours thesis (UOW); Master thesis (UOW)
2008 PhD thesis (Curtin Uni.); Honours thesis (UWS)
2007 3 Honours (UOW)
2006 PhD thesis
2005 Honours (UOW)
2003 Honours (UOW)
2000 Honours (UWS)
1998 PhD (ANU)